Arkansas bankruptcy laws are different from the bankruptcy laws in other states of the United States in terms of the properties that are exempted.
Important Things Regarding The Arkansas Bankruptcy Laws
The following points will let you understand the basic difference between the Arkansas bankruptcy laws and the bankruptcy laws in other states.
•Residential properties including real and condo properties are exempted up to the value of thirty five hundred dollars. The area limitation is up to forty acres. What is more, only one lot of property is exempted – no matter whether that is located in town, village or city.
•Even if the property is not on your name, but if you are the spouse or child of the deceased owner, such exemptions can be claimed in the bankruptcy court.
•Insurance funds that are allowed to be exempted include Fraternal and society funds. All types of disability and health benefits are also included in exemptions to its full value.
•Properties that are used in a partnership venture are also allowed to be exempted.
•Exemptible pension funds include ERISA-qualified benefits, IRAs etc. Pension funds of Judges, Public school employees, Legislators and State employees are also exemptible.
•Personal properties, such as books, furniture etc, are also exemptible up to the value of one thousand dollars under the Arkansas bankruptcy laws.
•If you do not want to claim for residential properties exemptions, you are allowed to claim for Building & Loan association shares up to the value of one thousand in lieu of the same.
•All types of clothing and family portraits/ pictures are also exempted under the Arkansas bankruptcy laws.
•If you are the head of household, you are also allowed to keep food and fuel to last six months.
•All kinds of tools of trades are exempted up to the value of one thousand dollars in total.
•No items in wild card are allowed to be exempted under the Arkansas bankruptcy laws.